RBL Bank Home Loan
RBL Bank is one of the fastest-growing private sector banks with a growing presence throughout the country. RBL Bank offers highly specialized services under several business verticals including commercial banking, corporate and institutional banking, retail assets, branch, and business banking, and treasury and financial markets operations.
Features & Benefits of RBL Bank Home Loan
Buying a home is a huge lifetime investment and choosing the right financial support is important. RBL offers home loans, loans against property and loans for affordable housing, which also includes loans for individuals who receive their salaries in cash. The home loan requirements are simple. Some of the features are:
- Up to INR 10 Crores are available as the maximum amount for home loans.
- They have flexible tenure of up to 25 years.
- They just want minimal documentation for faster approvals of your loan.
- The interest rate at 9.5% and 12.8% p.a.
The benefits and features of RBL bank home loan are as follows:
- RBL Bank Home Loans are open for both salaried and self-employed
- There are special interest rates for women customers and government employees
- The home loans are available at the minimum age of 24 years and the age at loan maturity must be 60 years only
- The loan to value ratio is 90%
- The maximum tenure is for 25 years
- The interest rate is reasonable and ranges from 10.20% to 11.55%
- Also, RBL bank starts the EMI from a minimal amount of INR 923
- They also offer security.
RBL Bank Home Loan Eligibility Criteria
Home loans are available only for Indian residents. These Indian residents must be either salaried, self-employed, or self-employed professionals. The other requirements for such persons are as follows:
|Eligibility Factors||Salaried Individuals||Self- Employed Individuals / Professionals|
|Minimum Net Income||INR 120,000 per annum||INR 150,000 as per latest ITR filings|
|Minimum Age at the loan sanction time||24 years||24-years|
|Maximum Age at loan maturity time||60 years||65 years|
|Work Experience||minimum 1 year at the present job and 2 years of total experience. If the present job is not 1 year, then a total of 3 years of experience.||Three years persistency in the same business|
RBL Bank Home Loan Fees & Charges
Here is a complete explanation of every fee and charge levied on your loan amount.
Note: Goods and Services Tax (GST) will be additionally applicable to the below-written charges.
|Attributes||Fee / Charges|
|Processing fees||1.5% of the total loan amount|
|Application Fees||For Mumbai: INR 6500 For other locations: INR 5000|
|Late payment charges of EMI||2% more on the interest per month on the pending amount|
|For the Issuing of Duplicate Interest & Principal Certificate / NOC / No due certificate||INR 250 every time|
|Charges on Cheque swapping or Bounce Cheque||INR 250 every time|
|Charges for CIBIL report||INR 50 every time|
|Charges on changing fixed to floating interest rates or vice-versa||0.5% on outstanding loan amount|
|Part Pre-Payment Charges (For Individual with business purpose)||NIL|
|Part Pre-payment charges (For Individual with business purpose and all Non-Individual borrowers and individuals with fixed-rate loans)||No prepayment for up to 15% of the pending amount. However, above 15% at the start of the financial year will be charged at 3% of the paid amount.|
|Foreclosure Charges (For Individual with any business purpose)||NIL|
|Foreclosure charges (For Individual with business purpose and all Non Individual borrowers and individuals with fixed-rate loans)||3% on pending amount|
|Rate switch charges (Floating to Floating rate / Fixed to Fixed rate)||0.5% on the outstanding amount of INR 50,000/ (whichever is lower)|
RBL Bank Home Loan Interest Rates
Here are the interest rates for RBL home loans:
|Loan Amount||For Salaried Applicants||For Self Employed Applicants||For Women||For Government Employee|
|Till INR. 10 lakh||10.20%||10.70%||10.20%||10.20%|
|INR 10 – 15 lakh||10.20%||10.70%||10.20%||10.20%|
|INR 15 lakh - INR 25 lakh||10.20%||10.70%||10.20%||10.20%|
|INR 25 lakh - INR 75 lakh||10.20%||10.70%||10.20%||10.20%|
|INR 75 lakh - INR 2 crores||9.50%||10.00%||9.50%||9.50%|
|Above INR 2 crores||9.50%||10.00%||9.50%||9.50%|
Factors Affecting RBL Bank Home Loan Interest Rates
Here are three prominent factors that can help you in getting a better competitive interest rate.
- Credit Scores: Your credit score plays a crucial role in your home loan interest rate. Thus, having a credit score of 750 or more can help you in getting a good interest rate.
- MCLR: MCLR (Marginal Cost of Lending Rates) means benchmark lending rates on which other lenders provide home loans to their customers. These rates come at a predetermined clause and can change the interest rate.
- Location and Value of your Home: Getting the best interest rate will not be challenging if you have a property at a prime location with a great value. RBL bank provides reasonable interest rates depending on these factors.
Documents Required For RBL Bank Home Loan
Listed below are the documents required for both salaried and self-employed borrowers:
|Parameters||Salaried Individuals||Self Employed Individuals|
|Application Form||Form must be filled in and signed along with photographs||Form must be filled in and signed along with photographs|
|Proof Require||Identity, address, birth and age proof||Identity, address, birth and age proof|
|Income Proof||Last three months salary slip||ITR, financial statements, balance sheet computed by CA, and profit and loss account|
|Bank Statement||Last six months bank statement||Last twelve months bank statement|
|ITR||Income Tax Returns (ITR) and Form 16 details||Only for partnership firms: Latest deed of partnership|
|Papers or Document of the property||Real documents of the property||For companies: Latest Memorandum and Articles of Association For LLP: An Agreement and title document of the property.|
How does the EMI Calculation Work for RBL Bank Home Loan?
It is always a better idea to compute your monthly EMI towards your home loan. The formula for calculating EMI is simple yet complex:
EMI = (P × R × (1+r)^n)/((1+r)^n-1)
In this formula, P means principal loan amount, R means the interest rate and N means the loan tenure.
You can use the Urban Money home loan calculator to ease the complexities. Enter a few details such as the interest rate, loan tenure, and the loan amount. Once you fill in the required information, you will be able to see the results on the screen. The calculator also shows you an amortisation table. This table will tell how your monthly payments are divided between the principal and interest components yearly and monthly.
How does RBL Bank Compare with Other Lenders?
You can compare the interest rate of various lenders for different loan amounts in the table below:
|Banks or NBFCs||Up to INR 30 Lakh||More than INR 30 Lakh to INR 75 Lakh||Above INR 75 Lakh|
|RBL Bank||9.50% – 12.80%||9.50% – 12.80%||9.50% – 12.80%|
|Tata Capital||7.15% onwards||7.15% onwards||7.15% onwards|
|ICICI Bank||7.10% - 7.95%||7.10% - 7.95%||7.10% - 7.95%|
|IDFC First Bank||7.10% onwards||7.10% onwards||7.10% onwards|
|HDFC||7.00% - 8.45%||7.00% - 8.45%||7.00% - 8.45%|
|Axis Bank||7.00% - 11.90%||7.00% - 11.90%||7.00% - 11.90%|
|Kotak Mahindra Bank||7.00% onwards||7.00% onwards||7.00% onwards|
|Punjab National Bank||6.95% - 8.35%||6.90-8.05||6.90-8.00|
|Bank of Baroda||6.90% - 8.40%||6.90% - 8.40%||6.90% - 8.65%|
|Union Bank of India||6.90% - 8.65%||6.90% - 8.85%||6.90% - 8.85%|
|LIC Housing Finance||6.90% - 8.00%||6.90% - 8.20%||6.90% - 8.40%|
|L&T Housing Finance||6.75% – 7.75%||6.75% – 7.75%||6.75% – 7.75%|
|PNB Housing Finance||6.75% - 12.00%||6.75% - 12.00%||6.75% - 12.00%|
|State Bank of India||6.65% - 7.65%||6.65% - 7.65%||6.65% - 7.65%|
|Bajaj Housing Finance||6.65% onwards||6.65% onwards||6.65% onwards|
RBL Bank Home Loan Customer Care Number
The RBL Bank Home Loan customer care number is: 022 6115 6300
From refinancing to reducing your interest, we have the answers right here.
Can an NRI apply for RBL Bank home loans?
RBL bank does not provide any home loans to foreigners or NRIs.
To apply for an RBL Home Loan, what is the minimum age?
The minimum age to apply for an RBL bank home loan is 24 years, and the maximum age for a salaried person is 60 years. However, for a self-employed individual, it is 65 years old.
Is a co-applicant required to apply for a home loan from RBL Bank?
Applicants do not need a co-applicant to apply for an RBLbank home loan. However, a co-applicant becomes mandatory to apply when the primary applicant wants to take a loan against property.
Are there any prepayment charges on RBL bank home loans?
There are no prepayment charges for floating rate home loans. However, you have to pay 15% of the outstanding loan amount every year for fixed-rate home loans without any penalty in RBL home loans.
How much are the foreclosure charges on RBL Bank home loans?
As of now, there are no foreclosure charges for floating rate home loans. And in the case of fixed-rate home loans, The foreclosure fee is 3% of the pending amount. These are the charges applicable on RBL bank home loan floating and easy home loan.
Is RBL bank interest rate negotiable?
Yes, if you have a good relationship with RBL Bank, you can procure a reasonable interest rate on your home loan.
What is the interest rate for a home loan for an RBL bank employee?
For an RBL bank employee, the interest rate is just 1% lower than the usual interest rate.
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